how it will affect the Philippines

Lehman Brothers files for bankruptcy; BoA acquires Merrill Lynch

It’s a sad — and scary — day for financial markets today.

Lehman Brothers, a global financial services firm operating for more than 158 years, filed for Chapter 11 bankruptcy after attempts to rescue it failed. The company went down with total debt amounting to $613 billion and losses amounting to $60 billion brought by subprime mortgage investments. More than 26,000 employees are expected to go unemployed.

And yet months ago, we thought the financial meltdown has already reached its peak when tens and thousands of employees in Citigroup, UBS, Morgan Stanley, and Siemens, among others, were laid off.

Read More